Non-Fungible Tokens (NFTs) took off in 2018 with CryptoKitties. However, most don't know that the NFTs appeared in 2014 before Ethereum changed the blockchain landscape with smart contracts. NFTs are unique creations allowing users to own digital assets with on-chain provenance. By tokenizing an art piece, for instance, and minting on the blockchain, the artist bypasses the limiting terms and conditions set by the auction house, directly connecting with global clients.
NFTs: Bridging the Digital with the Physical
The primary reason why NFTs are being embraced is the win-win situation it creates for leveraging parties. For what NFTs present, the sphere is rapidly growing and already commands billions.
By the end of the year--and with the integration of NFTs in various processes, even in the real world, like gaming, art, and donations--, the industry is projected to be worth billions more.
Introducing The Mosque NFTs
The creators of The Mosque NFTs are aware of the powers of this new revolutionary technology. They plan to release minting for 12,000 mosque NFTs on the Ethereum blockchain. Their choice of Ethereum is by design.
The pioneer smart contracting platform is the home of DeFi and NFTs and has seen billions of assets securely deployed on the network by thousands of projects and users. At the same time, Ethereum boasts of a well-developed infrastructure and ecosystem comprising wallets, protocols, and active developers. This support system makes it easy for active users to acquire assets without necessarily bridging or going an extra step like they would if The Mosque NFTs were minted in another network.
Supporting Charities and Building a Mosque
The project has said that proceeds from the sale of the 12,000 mosque NFTs will be funneled to charity funds and building a mosque—physically and in the metaverse.
Concurrently, as the first minting and auction begin on April 1, 2022, the team will use the opportunity to highlight the various injustices and unfairness faced by people in different parts of the world due to their religion.
At the end of the sales, the overarching goal will be to break stereotypes and, most importantly, relieve—or even alleviate—the sufferings faced by them. Their mission will further, in the first hand, demonstrate that technology can come in handy to promote causes beneficial to humanity.
NFTs will be Shariah-Compliant
For what blockchain and NFTs represent and their utility, some of its applications are categorized as Shariah-compliant. In The Mosque NFTs case, item auctions will be used to support charities and build mosques.
Evidently, their objective is not to make profits. Instead, it is to make lives better, meaning holders will be holding a Shariah-compliant asset and can be traded by any of the 1.8 billion Muslims in the world.
Floor Price set at 1 ETH
The Mosque NFTs will be minted in twelve phases, and the floor price set at 1 ETH. This was decided by the community to reflect the goal the team wanted to achieve over the coming months; activities that would demand capital to succeed.
Specifically, 50 percent of revenue from the sales will be channeled to over ten charity foundations, including the Helping the Burmese Delta, the One Ummah, and Mila 4 Africa. Furthermore, the project has indicated that users would also be free to choose a foundation or charity they prefer making their donations. This flexibility and consideration of the community's needs align with the general objective.
Buyers can Win a Branded Jacob & Co Watch
To encourage participation, MetaMask—a non-custodial Ethereum wallet—is supported. Also, at each stage, an active user who mints the most NFTs stands to receive a branded watch by "Jacob & Co"—the exclusive partner of the project. Additionally, a user who mints the Kaaba Mosque—which has a capacity of four million worshippers—will receive a special secret gift from the team once the auction concludes. And once the collection is minted, raffles will begin, where holders of certain NFTs will receive worthy prizes from the team.